Telecom
Mobile Banking, New Target For Cyber Criminals in West Africa
Participants at this year’s National CyberSecurity Awareness Month, organized by United States Consulate in partnership with International Centre for Leadership Development Nigeria, believes that globally, Cyber risk is now firmly at the top of the international agenda as high-profile breaches raise fears that hack attacks and other security failures could endanger the global economy.
Mr. John F. Bray, US Consul General, Speaking at the event said that the Cybersecurity Awareness is a collaborative effort between government and industry to encourage individuals to protect their computer and that the awareness is on its 14th yea.r
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He noted, that the Department of Homeland Security created this ongoing Cybersecurity awareness campaign, called Stop.Think.Connect, which is a national public awareness campaign designed to raise awareness of cybersecurity and to be more vigilant about practicing safe online habits.
He added that, with the number of internet users growing daily, law enforcement officials expect the number of victims to increase as well as the value of their losses
Mr.Bray stated that, Cybersecurity Ventures predicts that the global community will lose more than $6 trillion annually by 2021 to cybercrime.
“Without good cybersecurity in place, experts estimate that nearly half of the entire G-20 economy will be lost to cybercriminals.
“The “Internet of Things (IoT)” will continue to increase the amount of crimes we see.
“Internet of Things” is the technology used in Bluetooth and Wifi devices in homes (i.e. refrigerators, dishwashers, and microwaves).
“These devices can be hacked and used in a malicious manner to cause serious harm.
‘Cyber Awareness is everyone’s responsibility.
“International cooperation and information sharing are key to the successful mitigation of cyber-attacks” He stated.
Mr. Rolland Avedician, Legal Attache, United States Consulate, says mobile banking is now target for cyber criminals.
Speaking on the topic “Cybercrime in West Africa” Avedician, said, “The World Wide Web (WWW) has allowed criminals to operate across borders and that these criminals are between the ages gap of 19 to 29, a statistic from FBI and Interpol on West Africa.
“These cyber criminals in West Africa are operating in an organised and well sophisticated way due to the fact that they take classes and discuss what the law enforcement agencies are doing to checkmate them.
“They are now looking for the most vulnerable targets and mobile banking is now the target of cyber criminals.
“These criminals in West Africa are becoming more knowledgeable with their mobile device to perpetuate the crime,” he stated.
Mr Olatunji Igbalajobi, Chief Operating Officer, Cyber Code Ltd, said that cyber ethics should be the moral behaviour of internet usage.
Igbalajobi, said this while speaking on the topic “Cyber Ethics”, urged the public to understand the moral implications of what they do online.
“There is need to understand the basic role of information security and the need not to share confidential information about family and business online.
“One needs to have a secure password, build cyber security resilience system, pay attention to critical vulnerabilities, avoid cyber stocking and virus propagating,” he said.
He listed some tips that would aid in improving cyber security safety in the workplace as to follow the department cyber security policies and procedures.
He noted that people should learn to properly mark, handle and disseminate classified information, and look for warning signs for insider threats and take advantage of diplomatic security training centers.
He also advised that a good password should be one that was long, complex and temporary, adding that a different password should be used for each device.
The need for Nigeria to think outside the box in its need to drive towards global relevance with innovations and scientific developments will be on the front burner at the NITRA Innovative & Scientific Conference scheduled to hold on Thursday July 23, 2026 in Ikeja, Lagos.
NITRA
The Nigerian Communications Commission (NCC) will lead other delegates to discuss and take far-reaching decisions at the event, which has its theme as “Bridging Nigeria’s Digital Divide With Scientific Innovation”.
Other companies that have indicated interest in partnering with NITRA include mobile communications company, Tecno; Africa’s premier end-to-end AI solutions company, Hyperspace; and telecommunications data infrastructure company, Digital Realty.
Speaking on the proposed event, the Chairman, Nigeria Information Technology Reporters Association (NITRA), Chike Onwuegbuchi noted that the event will seek to create a platform for government and private organisations to deliberate on policies around scientific innovations in Nigeria, challenges, place of indigenous and foreign collaboration, roles of each stakeholder, and grassroots development in that regard, among others.
According to him: “The Federal government, with series of programmes and partnerships, has established the urgent need to create an ecosystem that thrives on scientific innovation, breeding institutions and individuals with a target of placing the country at the fore-front of Next-Gen development.
It is a known fact that digital and scientific innovations are crucial, not only to the survivability of a nation, but also to the sustainability of its growth and development, with significant effect on economic strength, global image, defense and security, government capabilities to function, and public health and safety, communication and digital footprint, among others.
The federal government is actively driving scientific innovation to foster economic diversification and build a $1 trillion economy by 2030. Efforts are heavily focused on commercializing research, establishing massive research funds, and funding strategic infrastructure, particularly in technology, biotechnology, and healthcare. Core government initiatives and policies include the newly instituted National Research and Innovation Development Fund (NRIDF), which aims to mobilize about $500 million annually to support research and the commercialization of scientific outputs; and the Nigeria Genomic City, a multi-ministerial initiative aimed at transforming Nigeria into a leading hub for genomics, precision medicine, and biotechnology. It is designed to protect indigenous data, stimulate artificial intelligence in health, and develop a highly skilled scientific workforce.
According to the General Secretary of NITRA, Mr. Chidiebere Nwankwo, the forum will also be a vehicle to propagating the views of decision makers to the public, thereby furthering the cause of public awareness and information dissemination on the topic.
The focus, he said will be on how Nigeria can sustain digital innovative growth and scientific development in Nigeria
The board of global payments company, PayPal, says a 53 billion dollars takeover offer from financial technology firm, Stripe, and private equity company, Advent International, does not adequately reflect the company’s long-term value.
PayPal
According to reports, the proposed acquisition, valued at 60.50 dollars per share, remains under consideration, with the board yet to formally respond to the offer.
The directors are said to be evaluating not only the financial value of the proposal but also the structure of the financing, the timeline for completing the transaction and the likelihood of obtaining regulatory approvals.
They are also considering the possibility of competing bids emerging.
Although the offer represents a premium of about 28 per cent above PayPal’s recent share price, the board believes the company could deliver greater value to shareholders if its ongoing turnaround strategy succeeds.
Following reports of the bid, PayPal shares gained about two per cent to close at 56.73 dollars.
Sources familiar with the discussions said Stripe and Advent have secured approximately 50 billion dollars in debt financing from JPMorgan and Morgan Stanley, while both firms would jointly contribute 17 billion dollars in equity.
Under the proposal, the two companies would jointly own PayPal instead of dividing its operations.
PayPal, Stripe, Advent International, JPMorgan and Morgan Stanley have all declined to comment on the proposed transaction.
The discussions come as PayPal seeks to strengthen its business after years of increasing competition from rivals including Apple Pay, Google Pay and emerging financial technology firms.
The company, which was valued at about 360 billion dollars in 2021, now has a market capitalisation of approximately 36 billion dollars.
Since assuming office as Chief Executive Officer in March 2026, Enrique Lores has embarked on a restructuring programme aimed at improving operational efficiency and restoring growth.
The restructuring includes the creation of three business divisions comprising Checkout, Venmo and Consumer Financial Services, and Payments and Crypto.
The company is also targeting 1.5 billion dollars in cost savings through the deployment of artificial intelligence technologies.
PayPal’s latest financial results indicated signs of recovery, with first-quarter revenue rising seven per cent year-on-year to 8.35 billion dollars, while total payment volume increased by eight per cent to 464 billion dollars.
If approved, the transaction would combine two of the world’s largest digital payments companies.
The combined business would process an estimated 3.7 trillion dollars in annual payment volume, significantly strengthening its position in the global online payments market.
However, analysts expect the proposed acquisition to face intense regulatory scrutiny because of the companies’ combined market share in merchant payment services.
To address possible antitrust concerns, the bidders have reportedly considered options, including separating PayPal’s Braintree business or other assets if required by regulators.
Sources said Stripe and Advent remain interested in pursuing the acquisition despite the board’s reservations, although negotiations are expected to continue.
Market observers are also awaiting PayPal’s earnings report scheduled for July 28 for further indications of the company’s financial recovery and future growth prospects.
Concerns over network reliability and its impact on Nigeria’s growing creator economy took centre stage at MTN Nigeria’s Data on Trial event, where content creator and streamer, Jarvis, challenged telecommunications operators to improve connectivity for digital creators.
Speaking during the event, Jarvis asked whether there were locations in Nigeria where uninterrupted internet connectivity could support real-life (IRL) streaming without network disruptions.
“Are there places where there is no breakage when streaming IRL?” she asked.
Her question highlighted the challenges faced by content creators who depend on stable internet services for live streaming, content uploads and real-time engagement with audiences.
Responding, MTN Nigeria’s Chief Technical Officer, Mr Yahaya Ibrahim, said network performance depends on several factors, including location, network coverage, device capability and the number of users connected to a particular base station.
He noted that operators continue to invest in expanding network capacity to meet the growing demand for data services.
Earlier, MTN’s General Manager, Network Performance and Quality Assurance, Mr Michael Ndukwe, explained the evolution of mobile network technology in Nigeria, from first-generation (1G) services to the current fifth-generation (5G) technology.
According to him, each phase of technological advancement has significantly increased network capacity and enabled new digital services.
Ndukwe cited Nigerian Communications Commission (NCC) data showing that Nigerians consumed about 13.2 million terabytes of data in 2025.
He added that data usage reached approximately 4.06 million terabytes in the first quarter of 2026, reflecting the country’s increasing reliance on digital platforms and online services.
According to him, the growth is being driven by wider adoption of 4G and 5G networks, increased smartphone penetration, the proliferation of smart devices and expanding use of social media platforms.
Participants at the event noted that as more Nigerians build businesses and careers around digital content, access to reliable and high-speed internet has become critical to sustaining the country’s digital economy and creator ecosystem.
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